UNION GROVE, Wis.–The shortage of coins nationally has led one bank to begin offer a bonus on coins that its customers bring in.
As CUToday.info reported here, the economic lockdown from the coronavirus pandemic has had another effect many hadn’t counted upon: many financial institutions have been running short of coins.
In response, Community State Bank has launched what it is calling a Coin Buy Back Program that offers a $5 bonus for every $100 worth of coins turned in to any of its seven locations. Anyone who brings by coins, whether they're a customer of the bank or not, can receive up to a maximum coin bonus of $500.
"We knew we needed to figure something out. We hate the idea of telling our customers, 'No, we can't give you one of the services we're proud to provide,' so we came up with a creative way to get things done," Community State Bank Vice President Neil Buchanan told CNN. "Just because this hasn't been done before doesn't mean it isn't going to work -- and it has already made a huge difference."
According to the bank, within days of launching the program hundreds of people had dropped off their spare change, already resulting in an "incredible impact" on local businesses that were struggling because of the shortage, according to Buchanan.
Appreciation From Small Biz
Community State Bank is not being charged for any coin counting transactions and will receive their money in cash or as direct deposits. Many have also dropped off spare coins without asking for anything back, the bank said.
"Our businesses have reached out just voicing their appreciation for their local bank coming up with a creative way to help them eliminate a challenge that many businesses across the country are facing," Buchanan told CNN.
The bank said it will continue their Coin Buy Back Program until there is no longer a demand.